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TMI BlogEnhanced Disclosure and Transparency Norms for Credit Rating AgenciesX X X X Extracts X X X X X X X X Extracts X X X X ..... majority of independent members. B. As defined in the Circular for Enhanced Standards for CRAs dated November 01, 2016, independent would mean people not having any pecuniary relationship with the CRA or any of its employees. 2. Disclosures in case of ratings not accepted by an Issuer A. In order to make the disclosures more relevant, it is clarified that all non-accepted ratings shall be disclosed on the CRA s website for a period of 12 months from the date of such rating being disclosed as a non-accepted rating on the CRA s website in the following format: S. No Name of the Issuer Sector (Finance Banking, Textiles, etc.) Instrument Type (NCD, Preference Shares, CP, CD, etc.) Issue Size (Rs. millions) Date of Non-acceptance Listing Status (Listed/ Unlisted) Rating assigned 3. Rationalization of disclosures: A. A Rating Summary Sheet presenting a snapshot of the rating actions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f SEBI (Credit Rating Agencies) Regulations, 1999, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market. Yours faithfully, Surabhi Gupta Deputy General Manager Tel. No: 022-26449315 Email id: [email protected] ANNEXURE A: Format for Half-Yearly Rating Summary Sheet, segregated for securities and financial instruments other than securities S.No. Parameter No. of ratings Amount of debt rated (Rs. millions) 1. New Ratings 2. Upgrades a. Total Upgrades b. Upgrades from Non-Investment to Investment Grade 3. Downgrades a. Total Downgrades b. Downgrad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Textiles, etc.) Instrument Type (NCD, Preference Shares, CP, CD, etc.) Issue Size (Rs. millions) Listing Status (Listed/ Unlisted) Rating Annexure II Movement* of Each Credit Rating Annexure II A - Upgrades Rating Upgrades between Apr Sep/ Oct Mar S. No Name of the Issuer Sector (Finance Banking, Textiles, etc.) Type of Instrument being rated (NCD/ Preference Shares/ CP/ CD, etc.) Listing Status (Listed/ Unlisted) Rating prior to Revision Rating post Revision Date of Press Release for Rating Upgrade Notch Difference Trigger Event (Quarterly Results, Exchange Disclosures, Annual Surveillance etc.) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Investment Grade S. No Name of the Issuer Sector (Finance Banking, Textiles, etc.) Type of Instrument being rated (NCD/ Preference Shares/ CP/ CD, etc.) Listing Status (Listed/ Unlisted) Rating prior to Revision Rating post Revision Annexure V History of Credit Rating of all Outstanding Securities History of Credit Rating of all Outstanding Securities S. No Name of the Issuer Sector (Finance Banking, Textiles etc) Instrument Type (NCD, Preference Shares, CP, CD etc) Outstanding I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rating prior to default - A category 1 2 Rating prior to default BBB category 1 2 Rating prior to default BB category 1 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 2 Rating prior to default A4 category 1 2 Annexure VII Average Default Rates for the last 5-Financial Year Period Annexure VII A - STRUCTURED INSTRUMENTS Weighted by No. of Issuers in Static Pool Weighted by Amount of Debt in Static Pool Rating Category 1-Year Default Rate 3-Year Cumulative Default Rate 1-Year Default Rate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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